KANSAS CITY—Equus Capital Partners, Ltd., a Philadelphia-based private equity fund manager, has just sold Madison Walnut Creek, a 350-unit apartment community located about six miles northwest of downtown Kansas City in suburban Clay County, KS, to Denver-based Monarch Investment and Management Group for $21,000,000. At the time of the sale, the community was 95% leased.
This was the second major multifamily sale in the metropolitan area that Equus has completed just this month. Last week, GlobeSt.com reported that the firm had sold Madison Wood View, a 320-unit apartment community in suburban Wyandotte County for $22,000,000.
“The expectation of future growth for nearby employers such as Ford, Cerner and the North Kansas City Hospital drove pricing above our expectations for this unique community,” says Greg Curci, the vice president at Equus who oversaw the sale.
Madison Walnut Creek sits less than one-half mile from the interchange of Interstates 29 and 25, and offers quick access to downtown and the restaurants and shops at the Zona Rosa. The garden style apartment community has one- and two-bedroom apartments, two outdoor pools, a fitness center, tennis courts and resident clubhouse.
The seller was represented by Jeff Stingley and Gina Anderson of CBRE.
An affiliate of Equus acquired Madison Walnut Creek as part of a 17-property portfolio in 2003 and it was the last property in the portfolio. The transaction was made on behalf of BPG Investment Partnership VI, L.P., a $384 million private equity fund.
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